02:30 PM EDT, 04/25/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We trim our 12-month target price by CAD5 to CAD45, applying an EV/EBITDA multiple of 5.9x to our '24 estimate, a discount to its three-year historical average multiple at 9.4x, reflecting our lower growth outlook. We lower our '24 EPS estimate by CAD0.15 to CAD4.80 and cut '25's by CAD0.21 to CAD5.30. RCI.B reported Q1 operating EPS of CAD0.99 vs. CAD1.09, CAD0.01 above the consensus. Q1 revenue increased 28%; results were due to 1) 93% growth in the Cable segment, driven by the Shaw acquisition; 2) 8% growth in the Wireless segment on a 9% increase in service revenue, driven by subscriber growth, and 3) partially offset by a 5% decline in the Media segment, on lower subscriber revenue due to negotiation of certain content rates in the prior year. Postpaid subscriber phone net additions were 98k, with prepaid phone net losses of 37k. We expect RCI.B will continue to struggle with competition in the wireless market as the other players become more aggressive with promotions.